{"F": {"ts_code": "HK.02657", "name": "林清轩", "mkt": "HK", "ccy": "港元", "sw1": "护肤与化妆品", "sw2": "护肤与化妆品", "sw3": "", "ind": "护肤与化妆品", "fin_source": "futu", "market": "主板", "list_date": "20251230", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 56.0, "pe_ttm": 15.642, "pb": 3.243, "dv_ttm": 1.97, "total_mv": 782290.236, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [82.0], "rev_series": [27.2], "np_series": [4.0], "roe_series": [29.6], "rev_ttm": 27.2, "np_ttm": 5.0, "ocf_ttm": 4.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 5.3, "gm_median": 82.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 14.7, "roe_median": 29.6, "commodity": false, "hard_ratio": 13.5, "fix_assets": 2.7, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 4.9, "debt_ratio": 26.6, "debt_mv": null, "payout": 31.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 111.7, "np_yoy": 101.6, "np_vol": null, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": -37.3, "ret_20": 14.3, "ret_60": 57.7, "ret_120": -17.5, "ret_250": -28.0, "mdd_250": null, "vol_250": null, "pos_52w": 59.0, "eps": 2.856}, "S": {"duration": 32, "pricing": 73, "hard": 22, "bondness": 36}, "label": "定价权·品牌", "tags": ["成长兑现"], "text": {"像什么": ["没有硬资产(固定资产占比 14%)但有定价权:毛利率最新年报 82.0%、ROE 最新年报 29.6%。", "经营现金流/市值 5.3%,分红率 31%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 82.0%),硬资产占比 14%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 5.3%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 82.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 14%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.6 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -28%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 14% / 58% / -18%。", "行业对照": ["同富途行业「护肤与化妆品」8 家中位:PE 15.2 / 股息率 3.1% / 毛利率 65.4% / 固定资产占比 10% / 分红率 55%。", "林清轩:PE 比行业中位高 0.4倍;股息率 比行业中位低 1.1个百分点;毛利率 比行业中位高 16.6个百分点;固定资产占比 比行业中位高 3.4个百分点。"]}}